Trump bans creation of central bank digital currencies

24/01/2025 Argaam
US President Donald Trump

US President Donald Trump

US President Donald Trump banned on Jan. 23 the creation of central bank digital currencies in the US, which could compete with existing cryptocurrencies.

 

Trump also ordered to establish a task force focused on digital asset markets, chaired by the President’s Advisor on Artificial Intelligence and Cryptocurrencies. This group will develop a federal regulatory framework for the industry and evaluate the creation of a strategic reserve for digital assets.

 

Other measures will be taken to protect Americans from the risks associated with central bank digital currencies (CBDCs), which Trump claimed threaten the stability of the financial system, individual privacy, and U.S. sovereignty.

 

Regarding the US dollar, the order aims to safeguard its sovereignty by promoting the development and growth of legally compliant dollar-backed stablecoins worldwide.

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